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Thursday, 21 September, 2017, 14 : 13 PM [IST]

Twin effect of Technology

“TravelBiz Monitor since its inception has been doing a commendable job in disseminating information on various aspects of travel & tourism. Today the magazine has become ‘must read’ for the entire trade. I congratulate Sheldon Santwan and his team for successfully completing 10 years. We have collaborated with TravelBiz Monitor as part of the MICE North America Show (conceptualised by Visit-USA Committee India Chapter & organised by TravelBiz Monitor) a few years ago. The first-of-its kind B2B MICE North America Show, which highlighted the prowess of USA, Canada and Mexico as MICE destinations was a huge success, thanks to the organisational skills of TravelBiz Monitor.”

Introduction of technology has definitely benefited the travel and hospitality industry though at the same time it has emerged as one of the biggest disruptors in the industry. The supremacy has been shifted from travel agents to consumers due credits technology. There are certain players across the industry who realised this paradigm shift created in the industry due to the outcome of technology and have chosen the smart way of going digital as its the only possible solution to live hale and hearty in this industry. The usage of artificial intelligence across the industry has forced the players in both travel & hospitality verticals to modify their business models. Traditional players may lose their stake in the market if they don’t adopt to the technology. Even the already established players of the tech era are also continuously reworking their style of serving the customers as with the increase in usage of artificial intelligence, the needs will increase and they will opt for easy and smart travel and accommodation options.

Customers are becoming dynamic with the advent of technology. Therefore to tap the right customer and to sustain them digital players in both industries and few offline players have deployed the usage of Big Data Analytics in their business models. Business is becoming more personalised today so it is important for players to analyse the needs and study the data collected in better handling of consumers. The ball is completely in the court of consumers today. Internet has given them the power of choice. Investing in the digital mediums will help the players irrespective of the industry to succeed in the near future. There are examples out in the world who are emerging victorious as they have analysed the need of the hour and have innovated their business modules thereby attracting the consumer.

Presence on social media platforms has been the catalyst for the operators as social media has been one of the updated and deeply penetrated marketing solution reaching out to customers via Facebook, Instagram, Pintrest, etc. Indirect social media marketing tool i.e. Geo-tagging has helped properties and destinations gained popularity. They are spending big pockets on engaging with celebrities for social media marketing. Social media is without a doubt latest trend being followed for marketing and promotions across all segments.

In this rigid market, competition is ever increasing and so is the threat to one’s business. Quite often we hear stories about cyber crime stories. Cyber security is atmost priority for all the players as with e-commerce fueling the industry one needs to be digital secured in terms of money as well as data. Security is one aspect which no industry should compromise with.

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